RISK RETENTION

The Risk Retention Group is a long developed specialty type of insurance company, somewhat like a Captive carrier, designed for those companies (a single policyholder or group) who look for methods to materially reduce their risk and materially reduce their premium costs. THAT is what Onyx is all about. Onyx’s fundamental philosophy is to be a long term “partner” with those taxi company owners that are absolutely committed to follow a disciplined approach, developed by Onyx, to risk management. In return, Onyx makes several commitments to a shareholder, first, through a stable fair priced premium; second, through financial rewards for good history in the current year; and, third, coupled with a meaningful partnership relationship. Due to being a fiduciary type member, you will be treated as a shareholder much like a stock owner. Today, there are approximately 250 RRGs, writing over $2.5 billion in premium.

The “financial reward” is a credit, a cash rebate that has been developed to rebate cash if the loss ratio is less than 60% (this means that actual claim money paid out is 40% less than the total premium paid in). The reward increases as the loss ratio decreases to no claims.

As a member/shareholder, Onyx does not leave it all up to the cab company Agent/Broker. Onyx literally works with you, at significant expense (to Onyx), on Underwriting, all designed to ultimately reduce your premiums (for example: building a new substantial computer system, help explain and select the best possible camera, Webinar education every quarter, provide a Handbook for the drivers and forms for the accident scene. Onyx is constantly and continually working to reduce cost. Remember: The main thing is to keep the main thing the main thing!

As a member/shareholder you should be aware that Claim handling is Onyx’s specialty, again at a significant expense. An accident must be reported IMMEDIATELY, daily if possible, and Onyx starts working on the claim immediately until Onyx’s claim department knows that the accident is definitely no fault or is disposed of reasonably. The accident will be dealt with ASAP. Onyx is absolutely NOT the typical insurance company claim department. No one but Onyx Claims (its adjuster, investigator, appraiser, legal attorney or reinsurer) or your Company or Agent/Broker will be able to access your accident claim files.